Four reasons why right now is the best time to start a new business
Love the idea of starting a business but not sure how or when to take the first step? Discover four reasons why right now is the best time to start a new business – and how to get help.
Starting a business is a big step – we know because (as you’ll discover shortly) it’s one we ourselves struggled with for many months before finally bringing Talented Ladies Club to life!
So it’s not surprising that so many aspiring entrepreneurs delay their business dreams waiting for the ‘perfect’ time to launch. But we believe the best time to start your business is right now. Read on to discover four reasons why, and how we want to help you with the TLC Business Club.
1) The only way to test your business idea is to launch it
You can conduct as much market research as you like, and finesse your financial predictions, but the only real way to test a business idea is to launch it.
Of course this approach comes with the risk of failure, but not only is failure an inevitable part of the business journey, but it can actually help you develop a stronger idea and business, as Darren Fell, the founder of Crunch says:
“While we all like success, few businesses achieve it without some failure along the way. Often the line to success is zig-zagged with ups and downs – and the downs are just as important as the ups. They’re often when you learn important lessons and retune your business so it works better.”
That said, we’re not suggesting you blow all your budget on an untested business idea. Market research IS important, as are financial predictions. Just don’t let preparation stop you from taking action.
And we’re big fans of the lean approach to starting a business, which advocates beginning with a minimum viable product (MVP) and learning from that as you hone your idea.
2) There’s no such thing as a ‘perfect’ idea
It’s understandable that you want to launch your business with the best possible idea, but don’t get so caught up in perfectionism that you end up launching nothing. Even the best business idea won’t get you far if it remains theoretical.
And putting off starting actual work on your idea instead of focusing on minimum viable product (MVP) doesn’t necessarily mean you’ll end up with a stronger idea or magically will feel more ready. It just runs the risk of either you never actually doing it at all, or over-working your idea in your effort to ‘perfect’ it.
The fact is that few business ideas start out as perfect – as we explained above, they’re honed as you go along. So once you have a ‘good enough’ idea, start taking action in bringing it to life. If along the way you discover it needs tweaking or completely changing, then you’re actually at an advantage – who knows how many months or years you have have opening polishing that untested dud.
With your newfound insight and experience you can go back the entrepreneurial drawing board and either improve your existing idea or come up with a new one. If it helps, many successful entrepreneurs didn’t make it with their first business. Even Richard Branson has had his fair share of business failures.
That’s because they know that not every business idea – even if it seems brilliant on paper – will make it out in the real world. But with the courage to keep trying (and lots of learning along the way) eventually they’ll hit on an idea that takes off.
So don’t worry about perfecting your business idea, and absolutely don’t fall into the perfectionist trap. Instead be more Richard Branson and get your imperfect idea out into the world and see if it works.
3) A recession is a good time to start a business
And don’t be concerned about the pandemic and any worries that we may be entering (or already in) a recession. Because history shows that a recession is actually a GOOD time to start a business – as we explore here.
And its a great time to innovate too. A 2012 study of the automobile industry discovered that over 60 years, new products launched in a moderate recession had higher long-term survival chances. And new products launched immediately after a recession did better than those launched later.
So why are difficult times so great for entrepreneurship? The answer could lie in the well-known saying: “Necessity is the mother of invention.” When things are easy and life is comfortable, there’s no need to push yourself out of your comfort zone; why would you?
But when things are uncomfortable, or you find yourself with fewer choices, you get resourceful. And you get creative. And, more importantly, you can’t afford to fail so you give things your all. The result? Clever ideas that solve genuine problems brought to life by more determined people with a lot to lose.
Already in the pandemic we’re seeing examples of booming lockdown businesses. Like Boo Kay the Manhattan floristry business started by an out of work Broadway dancer, and now thriving despite his return to work. And Hipster Hampters, a business launched by Sian Thomas from her childhood bedroom during lockdown.
And this aren’t the only inspiring examples. More than 4 million businesses have been launched during the pandemic in the US alone, and 49% were started by women (compared with 27% in recent years).
51% of these new business owners apparently started their business out of an economic need, and one-third said they did it because they lost their jobs. And the good news is that the lack of a safety net when striving for a goal is actually a good thing. So if you’re having a tough time now, it could be the perfect opportunity to finally realise your business dreams.
4) You won’t be an entrepreneur until you run a business
And finally, don’t let your lack of business experience fool you that you can’t run a business. Because the simple fact is that you won’t be an entrepreneur until you run a business. And you’ll have no idea whether you’ll like it or be any good at it until you try.
This particular excuse for launching your business stopped me from creating Talented Ladies Club for 18 months. I had the idea for the business, and researched it and talked about it, but stopped short of actually starting it because I was worried I wasn’t ‘an entrepreneur’.
It was only when my friend Kary got so sick of hearing me talk about it and said she would start it with me, and I was offered business coaching, that I actually launched the business. And when I did finally make a go if it, I learned what I now preach to you: the only way to become an entrepreneur is to start a business.
And when you do, you ARE an entrepreneur. Yes you’ll make lots of mistakes (I certainly did!) but you’ll learn from them. Plus if you invest in the right support to get started, you’ll gain more confidence and make more money more quickly… and avoid some of the most common business mistakes that lead to failure.
Love our help to launch your business?
If you want to start a business but would like help and support to get it off the ground, join the TLC Business Club.
The TLC Business Club gives you 12 month of business guidance and mentorship. Starting from 20 September, you’ll work through 12 carefully planned modules that cover all the essential building blocks of a successful, profitable business.
You’ll also get 12 months of mentorship with weekly group video calls with me in which I’ll answer your questions, and give you feedback, advice and emotional support as you navigate the ups and downs of entrepreneurship.
It’s a fantastic, one-of-a-kind online programme that is designed specifically for female business owners and freelancers. Find out more about the club, and how it can help you launch YOUR business here.